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April 4, 2014
06:49 EDTGMNHTSA still receiving answers, documentation from GM, WSJ reports
GM says it has submitted 200,000 pages of records and answered more than 65% of the 107 questions the NHTSA has asked about the events leading to the ignition switch recall, though a timetable has not been released on when the information will be made public, the Wall Street Journal reports. Reference Link
News For GM From The Last 14 Days
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April 1, 2015
16:24 EDTGMOn The Fly: Closing Wrap
Stocks began the session in negative territory, extending their losses from yesterday. The slide followed a disappointing report on private sector hiring in March as well as data on manufacturing in the U.S., China and the eurozone. Investors are now looking forward to Fridayís nonfarm payrolls report, which will be issued as usual on the first Friday of the new month despite the fact that the stock market will be closed for the Good Friday holiday. ECONOMIC EVENTS: In the U.S., payroll processor Automatic Data Processing said private payrolls grew by 189,000 in March, missing the consensus forecast for 225,000 jobs to have been added. Markit's final manufacturing PMI for March edged up to 55.7 from the 55.3 flash reading, where analysts expected it to remain. The Institute for Supply Management's manufacturing index fell to 51.5 in March, lower than the consensus forecast for a smaller drop to 52.5 from the prior 52.9 reading. Construction spending declined 0.1% in February, as forecast. In China, the official PMI climbed to 50.1 in March from 49.9 in February, beating the estimate for a 49.7 reading. HSBC and Markitís manufacturing PMI also topped analystsí consensus forecast. In Europe, Markit's purchasing managers index for the eurozone rose to 52.2 in March from 51.0 in February. Markit had previously estimated in a flash reading that the PMI rose to 51.9 during last month. COMPANY NEWS: General Motors (GM) slipped 76c, or 2.03%, to $36.74 and Ford Motor (F) declined 23c, or 1.43%, to $15.91 after the automakers reported their U.S. sales fell 2.4% and 3.4%, respectively, in this March compared to the same month of last year... Web domain marketplace operator GoDaddy (GDDY) jumped $6.15, or 30.75%, to close at $26.15 following its first day of trading on the NYSE. The company priced its initial public offering of stock at $20 per share. MAJOR MOVERS: Among the notable gainers was Dyax (DYAX), which advanced $9.00, or 53.69%, to $25.75 after the drugmaker reported data from a Phase 1b clinical trial of its DX-2930 drug, a treatment for hereditary angioedema, or HAE. Also rising was Receptos (RCPT), which jumped $8.55, or 5.19%, to $173.44 after Bloomberg reported that the company received expressions of takeover interest while it was in partnership talks with other drugmakers. Among the noteworthy losers was UTi Worldwide (UTIW), which fell $2.32, or 18.86%, to $9.98 after its quarterly report and guidance prompted RBC Capital to downgrade the stock to Sector Perform and state that it has "lost confidence" in the company's ability to deliver top-line growth, cost cuts, and margin improvement near-term. Also lower were shares of Macerich (MAC), which declined $5.60, or 6.64%, to $78.73 after announcing that its board unanimously rejected Simon Property Group's (SPG) revised, unsolicited proposal to acquire the company for $95.50 per share in cash and stock. INDEXES: The Dow fell 77.94, or 0.44%, to 17,698.18, the Nasdaq lost 20.66, or 0.42%, to 4,880.23, and the S&P 500 dropped 8.20, or 0.4%, to 2,059.69.
12:39 EDTGMOn The Fly: Midday Wrap
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11:24 EDTGMGM CFO sees generating $350M from 4G technology over three years, Reuters says
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09:34 EDTGMGM March U.S. sales drop 2.4% to 249,875 vehicles
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09:30 EDTGMGeneral Motors reports March U.S. sales down 2.4% to 249,875 vehicles
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06:52 EDTGMGM to launch five new vehicles this week, NY Times says
GM will introduce five new vehicles, including a new version of its Malibu midsize sedan and a full-size Cadillac sedan at its New York auto show this week, according to The New York Times. The automaker is optimistic that its U.S. sales can keep pace with or exceed the growth of the overall market, the newspaper stated. Reference Link
05:54 EDTGMGM looks to boost GMC light truck sales in U.S., Financial Times reports
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March 31, 2015
13:38 EDTGMBuffett says will be doing business with Ford, GM
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March 30, 2015
08:57 EDTGMGeneral Motors to unveil car that uses new building approach, Reuters says
GM is set to unveil its new Cadillac CT6 vehicle tomorrow, and the car is the largest vehicle to date that will use the automaker's new approach to building cars, according to Reuters. Based on using a mix of materials that enable large cars to meet fuel economy standards, the new approach will be used on at least four other future vehicles, Reuters quoted the chief engineer of the CT6 as saying. Reference Link
March 27, 2015
14:55 EDTGMGeneral Motors weekly volatility at low end of historic range
General Motors April weekly call option implied volatility is at 22, April is at 20, May is at 21, June is at 22; compared to its 26-week average of 24 according to Track Data, suggesting decreasing price movement.
March 26, 2015
14:19 EDTGMGM expects North American Malibu sales to surge, Reuters reports
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07:22 EDTGMGeneral Motors near-term risk/reward favorable, says Deutsche Bank
After speaking with management, Deutsche Bank thinks General Motors' presentation to investors next week will be relatively upbeat. Deutsche believes GM is benefitting from mix and price in North America, mix in consolidated Asia, and raw material costs. It views the near-term risk/reward on shares as favorable, but keeps a Hold rating on the name.
March 24, 2015
08:41 EDTGMGeneral Motors capacity hampering sales growth, says Credit Suisse
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06:18 EDTGMGM to build next-gen Chevrolet Cruze in Coahuila, Mexico, Reuters reports
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06:12 EDTGMFord, GM considering asking for lower-paid workers, Bloomberg says
Ford (F) and General Motors (GM) are considering asking the United Auto Workers union to create a lower-pay tier of employee at U.S. auto factories, reports Bloomberg, citing people familiar with the matter. The union, on the other hand, is considering eliminating the existing tier structure altogether, according to a person familiar with the union leadership. The proposed lower tier worker would not assemble cars, said the sources. Reference Link
March 23, 2015
11:11 EDTGMGM ignition switch death claims rises to 74, WSJ reports
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07:37 EDTGMVolkswagen to cut at least 150 workers at Russian plant, Reuters reports
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March 20, 2015
08:01 EDTGMStifel says evidence supports Apple moving into electric vehicles
Analysts at Stifel say they see enough evidence to suggest that Apple is internally working on the development of a battery electric vehicle to be sold over the next five-to-ten years. The analysts are "intrigued" by Apple CFO Luca Maestri's background at General Motors (GM). They believe Apple's investments in manufacturing should be a key consideration for investors and point out the $40B spent by the iPhone maker over the past five years, with 80%-plus invested in manufacturing, is similar to GM, Ford (F) and Daimler-Benz and well above Tesla's $1.8B cumulative capex. The analysts say there is a "lot to think about" regarding Apple's move into the car space, including the regulatory environment. They keep a Buy rating on the tech giant with a $150 price target. Shares of Apple closed yesterday down 97c to $127.50.
06:22 EDTGMGM CEO to be questioned October 8 over ignition failures, AP says
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